Karnataka Gramin Bank

Mortgage Loan

  • Sailent Features
  • Purpose
  • Eligibility
  • Loan Amount
  • Margin
  • Repayment
  • Security
  • Valuation of properties

Sailent Features

Sailent Features

  • Open plot shall not be considered
  • Loan amount should not be used for speculation purpose.
  • Property to be situated at Hobli, Taluka or Dist HQ

Purpose

Purpose

  • For meeting genuine needs like Marriage, Education & Hospital Expenses.

Eligibility

Eligibility

  • Salaried class, businessmen, professionals, and others with regular income which shall be ascertainable from income tax returns (income should be evidenced by 3 years Income Tax Assessment Orders i.e., ITAO).

Loan Amount

Loan Amount

  • 5 times of Average Net Income last 3 years or
  • In case of salaried persons (Public sector, Govt, quasi Govt, reputed Private Ltd Companies etc), the maximum amount of loan shall be restricted to 60 times of last drawn gross salary or
  • 50 % of the Forced distress value of the property as assessed by Panel Valuer. Or
  • Maximum of Rs.200.00 lakhs, whichever is less

(40% NTH for salaried & 40% net income-Non-salaried class)

Margin

Margin

  • Maximum of 40%

Repayment

Repayment

  • Maximum 120 months.

Security

Security

  • Co-obligation/guarantor
  • Collateral security of mortgage of House/commercial building.

Valuation of properties

Valuation of properties

  • Upto Rs.50.00 lakh – Property to be valued by One Panel Valuer.
  • More than Rs.50.00 lakh - Property to be valued by two Panel valuers.